Police bust largest money-lending syndicate (Updated)

KUALA LUMPUR: Police have busted the largest illegal money-lending syndicate in the country with the arrest of 13 individuals, including its mastermind, at Serdang and Puchong on May 20.
The 11-hour operation, codenamed "Op Vulture 1/16" from 1pm to 12am, was conducted by the Bukit Aman and Selangor Commercial Crime Investigations Department (CCID).
Bukit Aman CCID intelligence/operations deputy director SAC Roslan Abd Wahid said the 13 individuals arrested comprised 10 men and three women, aged between 23 and 32.
He said the suspects were from Johor but had widened their syndicate activities and had been carrying out the money-lending activities at several locations in Selangor, Kuala Lumpur, and also Johor for the past two years.
He added police launched the operation following a report lodged by a 48-year-old man who claimed that the loan sharks have been harassing him since October last year.
"Following the report, we monitored and trailed the syndicate members for seven months. They have been lending up to RM8 million in total to victims every month, making this the largest syndicate we have busted in recent years," Roslan said.
Roslan said the syndicate charged a 15% interest on each loan.
He added police have received 19 police reports involving the same syndicate totalling RM2 million.
"Police seized nine luxury cars, cash amounting to RM46,383, US$9,100 (RM37,185), five branded watches, a necklace, 42 units of mobile phones, five tablets, three laptops, 37 banks cards, 56 cheque books, 14 bundles of advertisement flyers, 383 bundles of call cards and documents relating to the syndicate's activities," he said.
"The total value of the seized items was estimated at RM1,599,783 million," he added.
He said the suspects have been remanded until today and the case is being investigated under Section 5(2) of the 2011 Amendment of 1951 Moneylenders Act which carries a fine from between RM250,000 to RM1 million or a jail term of up to five years or both.
Meanwhile, Kuala Lumpur CCID is going all out against Ah Long and illegal money lenders in a two-day operation in 11 areas in the city from today.
Kuala Lumpur police chief CP Datuk Amar Singh Ishar Singh said the operation which started at 10am, saw more than 500 banners, flyers and stickers being taken down.
"We will track down the phone numbers on the advertisements and identify them. We will take further action under Moneylenders Act 1951 and Prevention of Crime Act 2013 (Amendment and Extension) 2013," he said in a statement.
He added the phone numbers will be handed over to the Malaysia Communications and Multimedia Commission (MCMC) to be blacklisted.